The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-03-11
Mr.. HORNER AND HIS BONDS.
The Method by Which lie Made Neat Sum
Out Of the Sleepy DeniZens of Louisville.

LOUISVILLE, KY, March 10.-About three
months ago good looking, plausible person,
whose business card bore this address, ''E. H.
Horner. banker, No Go Wall street, New York.
appeared in this city. Mr. Horner had bonds for
sale. He always sold his bonds in lots of five,
comprising one bond of the city of Bucharest,
date, 1869; one Austrian Red Cross bond, one
italian Red Cross bond, one Hungarian Red
Cross bond and one premium bond OF the city of
Milan. date 1866. All these are what are called
lottery bonds, kind unknown in this country.
They do not have any face value when issued,
but each is equivalent to a ticket in lottery.
The government holds every year SO many draw
ings, ranging from four TO twenty six, according
to the character of the bond. If the holder has
lucky number he may get the very next week
after he buys his bond a sum varying from $40
to $4. 600. On the contrary, he may draw moth
ing for thirty years. or any other length
of time necessary to elapse before
the bond natures. Mr. Horner, In
order to suit the purses of the majority sold his
bonds on the installme plan He issued first,
certificate, on which were printed, in parallel
English and German, the conditions in compli-
ance with which the purchaser could secure his
FIVE bonds. He was to pay 50 a week for TWEEN
ty weeks, or 800 in all, and then the bonds
would be sent to him. If at any time, by the
10th of the month he failed to receive the regu-
ular installment Mr.. Horner reserved TO himself
the right to sell the set of bonds, and if they
failed to bring the nominal value, 800, he was
to reimburse himself from the installments. If
there were any remainder it was to be remitted
to the original purchaser. He disposed of about
49, 600 worth of the bonds in this city, principally
to German citizens After spending about a
week here he left for the East. The purchasers
rem.tted their instaiments. but several days
ago some of them began 10 get a little uneasy
and to wish that they had investigated further
before buying. They were especially
alarmed about their city of Bucharest
bonds. Bucharest is the capital of
Roumania, which, by the treaty of Berlin, after
the Russo-Turklsh war, cut off from Turkey
and made independents country. Recent
rumors of war in Roumania seemed likely 20 de-
preciate her bonds. Austrian bonds were affected
in the same manner. The matter was placed in
the hands of n leading banker. whose correspond
ent in New York city informed him that Mr.
Horner very little known in New York. He
had small office on Broadway, not on Wall
street. as his business card indicated, and in the
list of brokers and commercial men was not
quoted at all. The New York correspondent
also said that any amount of the bonds sold in
< Louisville by Mr.. Horner could be obtained at
the following prices: City of Bucharest, So;
Austrian Red Cross, So; Italian Red Cross 81;
Hungarian Red Cross, S. 70; City of Milan, $4 10,
or for the entire set, $32 so. Mr. Horner received
300, and the bonds were not furnished until the
end OF twenty weeks.